• NEW_CC FUNDS 2017_ITALIAN WEB BANNER EURO-02

Fondo Obbligazionaro Euro ad Alto Rendimento (Accumulatore.)

  • OBIETTIVI DI INVESTIMENTO

    L’obiettivo del Fondo è di massimizzare il profitto per gli investitori, grazie ad investimenti realizzati su diversi portafogli obbligazionari. Per raggiungere tale obiettivo, il Gestore degli Investimenti investe principalmente in un portafoglio diversificato nel medio termine, comprensivo di titoli societari e governativi con scadenza massima di 10 anni.

     

    STRUTTURA

    Il Fondo è amministrato secondo la struttura dell’OICVM, che è divenuta lo standard per i fondi di investimento nell’UE, per gli investitori al dettaglio. I fondi OICVM sono ideali per gli investitori al dettaglio, poichè sono stati progettati appositamente per garantire diversificazione e liquidità attraverso specifici parametri, imponendo classi di attività e restrizioni agli investimenti secondo quanto stabilito dal diritto comunitario.

     

    GESTIONE

    I fondi sono amministrati da un gruppo di investitori professionale presso Calamatta Cuschieri Investment Management Ltd, i quali controllano quotidianamente i loro sviluppi.

Panoramica

→ Profilo dell’Investitore
→ Valute Disponibili
→ Versamento dei Dividendi
→ Monitoraggio e Pricing
→ Commissione di Entrata e di Uscita
→ Investimento Minimo
→ Il vademecum del Regolamento dei Fondi
→ Target del Dividendo
→ Informazioni Aggiuntive

Commento

March 2017 Commentary

Credit markets across both sides of the Atlantic, and beyond had a mixed month and had muted returns within some regions, notably in European High Yield and Emerging Market High Yield markets, both registering gains of 0.08%. Investment Grade credit and sovereign markets ended the month in negative territory in March, both in Europe and the US, for varying reasons.

Whilst the European economy closed off the quarter with a string of positive economic data and an even better Q4 earnings season, the political scenario continued to take its toll on investor sentiment, with the weakness witnessed in peripheral sovereigns dragging corporate bonds in the region lower and spreads on such bonds wider. Despite this, the sharp cost savings by high yield issuers as witnessed by the recent wave of refinancing of bonds previously issued with large coupons placed such high yield bonds in a better footing in terms of credit metrics. This coupled with the abundance of liquidity in the market and the persistent search for yield kept prices supported albeit the carry trade was a major contributor for European High Yield returns during the month. In the meantime, fixed income markets focused instead on renewed expectations that the ECB will maintain a dovish tone for longer, and sovereign yields dropped quickly again. Unsurprisingly, the longer they remain low, the better supported credit remains.

Towards the end of the month, the UK formally handed over notification of its intentions to leave the European Union following the infamous Brexit referendum last June, with the expected date to leave the union being set at 19 March 2019. The event was a clear headline grabber but did nothing to rattle the markets, as it had just become a formality, with valuations clearly pricing in this likelihood.

In the US, the new administration’s failure to thread along with the newly proposed healthcare legislation coupled with its persistent delay in placing climate change regulation high on its agenda has had the market raising eyebrow’s on Trump’s willingness and capability of sticking to and implementing its pre-electoral promises, particularly due to the fact that pre elections these were being viewed as market-friendly policies. More recently, Trump’s relation with North Korea is quickly turning sour and has done little to do anything to shed any ray of hope of improving Trump’s market ratings. The slump in the price of oil mainly on the back of intentions by OPEC members to refuse from scaling back on production has been a cause for supply-related concerns, resulting in a slide in the price of oil by over 6% during the month, dragging with it a large portion of the US High Yield market.

The positive momentum witnessed in emerging markets in the first months of the year rippled into the month of March as the pickup in global economic activity in the developed and emerging economies spurred demand for EM assets. Trade activity picked up as did inflationary data points across selective emerging market economies whilst investor appetite improved on the back of a marked weaker US dollar. EM were unshaken by the rate hike by the US Federal Reserve earlier on in this month, as this move was pretty much priced in, whilst the weakness in the US dollar towards the end of the month over failed healthcare negotiations pushed EM higher. The meat scandal in Brazil did little to deter the positivity in the asset class as investors swiftly shrug off the negative news and tread along with the continuous global search for yield.

In the month, the Manager continued to seek relative value by exploring the B rated segment. In fact, a newly position was opened in Intralot, the gaming operator, which was trading wide by circa 120bps to the gaming benchmark. To-date the position proved to be in line with the Manager’s expectations following the positive results issued by the company towards the end of the month. In
addition, the Manager opted in increasing slightly the portfolio’s beta by adding minimal exposures to financials, which were still offering attractive returns.

Scheda

  • NAV/Prezzo: Clicca qui per i prezzi aggiornati

    Nome Comparto High Income Bond Fund – EUR (Accumulator)
    Investment Manager Calamatta Cuschieri Investment Management Ltd
    Consulente Fondo DF – Asset Allocation (Lugano, Switzerland)
    Depositario Sparkasse Bank Malta p.l.c.
    Amministratore Fondo Calamatta Cuschieri Fund Services Ltd.
    Revisori Deloitte Malta
    Consulenti Legali Ganado & Associates
    Data di Lancio 1st September 2011
    Sede Malta
    Valuta Euro (€)
    Frequenza Negoziazioni Settimanale
    Dimensione Fondo €49.8 million
    Numero Titoli 78
    Tassa Iniziale fino a 2.5%
    Commissione di Gestione 1%
    Data Pagamento Dividendi 31 March
    30 September
    Numero ISIN EUR – MT7000003059
    Investimento Minimo Iniziale € 2,500
    Investimento Minimo Addizionale € 500

    Performance History (%) *

    Calendar Year Performance YTD 2016 2015 2014 2013 Since
    Inception *
    Share Class A – Total Return 1.42 4.96 -0.89 1.72 3.56 11.14
    Rolling 12 month performance to last month end 30/03/16

     

    29/03/17

    25/03/15

     

    30/03/16

    26/03/14

     

    25/03/15

     
    Share Class A – Total Return 5.61 -2.57  2.44
    * The Accumulator Share Class (Class A) was launched on 29 May 2013.

    Top 10 By Country*

    Country %
    Great Britain 9.6%
    Germany 9.1%
    France 8.9%
    Spain 5.9%
    United States 4.6%
    Italy 4.5%
    Luxembourg 4.3%
    Switzerland 3.4%
    Malta 3.2%
    Netherlands 2.9%

    *including exposures to CIS

    By Credit Rating*

    Rating %
    BBB 14.8%
    BB 29.3%
    B 27.0%
    CCC+ 1.9%
    Less than CCC+ 0.0%
    Not Rated 2.4%
    Average Credit Rating BB

    * excluding exposures to CIS

  • Performance ad Oggi (EUR)

    Top 10 Exposures

    Exposure %
    4% Ineos 2023 2.1%
    6.25% Synlab 2022 1.7%
    7% Lock AS 2021 1.7%
    7.5% Garfunkelux 2022 1.7%
    7.0% Wind 2021 1.7%
    4.875% Loxam 2021 1.7%
    4.75% Grupo Antolin 2021 1.6%
    6.625% Bulgarian Tel. 2018 1.6%
    6.25% Banco Santander 2049 1.6%
    4% Sappi Papier 2023 1.5%

     

    Currency Allocation

    Currency %
    EUR 100%
    Others 0.0%

    Asset Allocation

    Currency %
    Cash 19.3%
    Bonds 75.4%
    CIS/ETFs 5.4%

    Maturity Buckets*

    Age %
    0 – 5 years 55.4%
    5 – 10 years 17.0%
    10 years+ 1.9%

    *Based on the Next Call Date

    Sector Breakdown*

    Sector %
    Financial 23.4%
    Consumer, Cyclical 11.4%
    Communications 9.5%
    Basic Materials 8.4%
    Consumer, Non-Cyclical 7.7%
    Industrial 6.9%
    Energy 3.3%
    Utilities 2.8%
    Government 1.9%

    *excluding exposures to CIS

Informazioni Legali

Questo documento è stato pubblicato da Calamatta Cuschieri & Co. Ltd (“CC”). CC è un membro fondatore della Borsa di Malta ed è stato autorizzato a svolgere servizi di investimento mobiliare a Malta, dall’autorità finanziaria del governo di Malta. Questo documento è stato redatto per puro scopo informativo e non deve essere interpretato come una consulenza finanziaria. Questo documento non costituisce un’offerta o un invito, da parte di CC, rivolto a qualsiasi persona a comprare o vedere alcun strumento finanziario. CC ha stilato questo documento basandosi sulle informazioni ottenute da risorse che si ritiene siano affidabili, ma sulle quali non è stata compiuta una verifica personale. Questo documento non può essere riprodotto ne per intero ne in parte, senza un’autorizzazione scritta da parte di CC.